At Aeroflot-Russian Airlines Board of Directors meeting held on September 27, 2004, the list of candidates to the Company Board of Directors was approved.

The Government of Russian Federation proposed the following candidates: Grechukhin I. N., Department Director of the Ministry of Economic Development of Russia; Ivanov V. P., RF President's Advisor; Kopeikin M. Y., Deputy Chief of RF Government Administration; Levitin I. Y., Transportation Minister of Russian Federation; Uvarov A. K., Federal Agency Department Head on Federal Property Control; Fyodorov A. V., FSB Department Official; Shipil N. V., Head of Air Transportation Agency; Shkolov Y. M., RF President's Advisor.

National Reserve Corporation Ltd. as a plenipotentiary of stockholders (including NRB) owning 27.4% of Aeroflot stocks proposed the following persons as candidates to the Board of Directors: Levitin I. Y., Shipil N. V. and also Butrin M. R., National Reserve Corporation Ltd. Deputy Director General; Dushatin L.A., National Reserve Corporation Ltd. First Deputy Director General; Neradko A. V., Head of the Federal Department on Transportation Control; Okulov V. M., Aeroflot Director General; Shablin V. N., AKB National Reserve Bank Vice President.

Stockholders and stockholders’ plenipotentiaries Aeroflot employees proposed: Levitin I. Y., Shipil N. V., Okulov V. M., and also Antonov V. N., Aeroflot First Deputy Director General.

Lindsell Enterprises Limited plenipotentiary proposed Finger G. M..

11 of 15 candidates who will get majority votes at the next special stockholders meeting are to be elected to Aeroflot Board of Directors.

A large deal (a number of interrelated contracts) was approved; it was related to purchasing three A321 planes on leasing terms for the period of 12 years with the delivery in 2004.

This deal is also to be approved at the next special stockholders meeting of Aeroflot that will take place on October 23, 2004. The planned purchase of these planes is carried out within the program of restructuring air fleet of foreign aircrafts of the Company approved earlier by Aeroflot Board of Directors and stockholders meeting.

The Board of Directors considered also the draft of the Articles of Association and Provisions on Aeroflot Board of Directors in the new version and decided to propose them to be considered at the next special stockholders meeting.

There were approved the main principles of “Provisions on Aeroflot Personnel Bonuses from net income according to the company’s operating results for the year” as well as “Procedure of forming bonus fund for the fulfillment of the budget plan on net income for the year”. These documents will come into force after the amendments proposed by the Company Board of Directors during the discussion at the last meeting are introduced.

There were made decisions on other issues concerning preparation and holding the special stockholders meeting on October 23, 2004, and the Company’s current activity.

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